question archive Receipts from hundreds of patrons of a local restaurant have a symmetric distribution ranging from a minimum of $20 to a maximum of $170, with a median of $90
Subject:MathPrice:9.82 Bought3
Receipts from hundreds of patrons of a local restaurant
have a symmetric distribution ranging from a minimum
of $20 to a maximum of $170, with a median of $90.
Which of these is the best estimate of the standard
deviation?

Kindy see the explanation section
Step-by-step explanation
For a symmetric distribution
Median = Mean
Thus
Mean = 90
Min = 20
Max = 170
Usually 99.87% of the data do fall within 3 standard deviations from the mean
Thus
Approximate standard deviation = (max - mean)/ 3 = (170 - 90)/3 = 26.67
Or
std dev = (Max - Min) / 6 = (170-20)/6 = 25
So chose any of the two is an estimate..
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NOTE
The above is a general procedure:
So you can comment with the options then we get the correct one form the options given.

